American States Preferred Insurance Company: A Review of Their Products, Ratings, and More

If you’re shopping for insurance, you may come across American States Preferred Insurance Company. But who are they, and are their policies right for you? This comprehensive guide will explain ASPIC’s history, financial ratings, products, and more to help you make an informed decision.

Overview of American States Preferred Insurance Company

American States Preferred Insurance Company (ASPIC) is a property and casualty insurer located in Boston, Massachusetts. They provide a range of insurance products including:

• Auto insurance
• Homeowners insurance
• Renters insurance
• Condo insurance
• Motorcycle insurance
• Boat insurance
• Umbrella insurance

ASPIC is owned by the Safeco Insurance group, which is part of the larger Liberty Mutual Insurance group. They have an A- “Excellent” financial strength rating from A.M. Best.

Next, let’s take a deeper look at ASPIC’s key insurance offerings.

ASPIC Insurance Products Review

Here is an overview of the major insurance products available from American States Preferred:

Auto Insurance

ASPIC auto insurance includes liability, collision, comprehensive, medical payments, uninsured motorist coverage, and more. Policyholders can also add extras like roadside assistance. Discounts are available for good drivers, anti-theft devices, defensive driving courses, and more.

Pros: lots of customization options, good driver discounts available

Cons: mixed customer reviews on claims handling

Homeowners Insurance

Homeowners policies cover your dwelling, belongings, loss of use, personal liability, and medical payments. You can choose replacement cost or actual cash value coverage. Discounts apply for new homes, protective devices, age 55+, claims-free years, and more.

Pros: replacement cost coverage available, lots of discounts

Cons: some complaints of slow/difficult claims process

Renters Insurance

ASPIC renters insurance protects your personal belongings and liability. Standard coverages include personal property, loss of use, personal liability, and medical payments to others. Discounts for multi-policy, security system, claims free years.

Pros: inexpensive basic protection for renters

Cons: lower coverage limits than other providers

Condo Insurance

The condo insurance policy covers your personal property, loss assessments, personal liability, and more. You can get replacement cost coverage and special coverage options for condo associations. Multi-policy and claims free discounts apply.

Pros: tailored for condos, option for replacement cost

Cons: doesn’t cover detached structures/outbuildings

Motorcycle Insurance

ASPIC motorcycle insurance includes bodily injury/property damage liability, collision, comprehensive, medical payments, and more. Uninsured motorist coverage, roadside assistance, and OEM parts coverage are also available.

Pros: affordable basic liability coverage

Cons: lower standard coverage limits than some competitors

Boat Insurance

Boat policies provide agreed value, total loss replacement, medical payments, and wreck removal. You can also add extras like watercraft liability, onboard equipment, boat trailer, and personal effects coverage.

Pros: total loss replacement option, wreck removal coverage

Cons: limited towing/roadside assistance benefits

Umbrella Insurance

ASPIC’s umbrella insurance kicks in after your underlying liability policies are exhausted. You can get up to $5 million in extra liability coverage. Discounts for multi-policy and claims free renewal.

Pros: up to $5 million in additional liability limits

Cons: have to buy underlying policies from ASPIC first

ASPIC Financial Strength and Ratings

ASPIC is rated A- (Excellent) for financial strength by A.M. Best. This indicates they have sufficient financial resources to pay policyholder claims, even in the event of an unexpectedly large catastrophe.

Some other ASPIC ratings include:

• A.M. Best: A- (Excellent) financial strength
• Standard & Poor’s: A+ (Strong) financial strength
• Moody’s: A1 (Good) insurance financial strength
• J.D. Power: 2/5 for overall customer satisfaction

Overall, American States Preferred has solid financial strength backed by their large parent companies. Next let’s look at customer satisfaction reviews.

ASPIC Customer Satisfaction Reviews

ASPIC gets mixed customer reviews depending on the product and service experience:

Positive reviews highlight:

• Affordable rates
• Good customer service from agents
• Quick and easy quote/enrollment process
• Useful policy discounts

Negative critiques include:

• Difficult claims process with low payouts
• Sudden rate increases at renewal time
• Limited coverage for newer cars or high-value homes
• Complex policy language and exclusions

It’s important to shop around and compare ASPIC to both standard and non-standard insurers when getting quotes. Your experience may vary depending on your state, policy type, and agent.

The Bottom Line: Is ASPIC a Good Choice?

ASPIC can be a solid option for basic liability or property coverage at an affordable price point. Their financial strength also gives peace of mind.

However, customers looking for highest limits or lots of bells and whistles may fare better with a premium insurer. ASPIC lags in areas like claims handling and customer satisfaction according to some reviews.

They are likely best suited for budget-conscious consumers who want just the basics from a reputable carrier. Their pricing and customer experience may beat non-standard insurers but fall short of premium providers.

Here are some final pros and cons of considering coverage with American States Preferred:

Pros:

• Part of Liberty Mutual/Safeco group
• Affordable rates for basic policies
• Good choice for high liability umbrellas
• A- from A.M. Best for financial strength

Cons:

• Mixed reviews for claims and customer service
• More limited coverage than premium carriers
• Fewer extras/add-ons than some competitors
• May lack support for high-end assets

For the right customer, ASPIC could be a cost-effective insurance solution from a financially stable company. But make sure to compare their rates and products to competitors as well. Their middle-of-the-road status may not satisfy all insurance needs.